State-owned Canara Bank today said it proposes to bring down stake in its housing finance subsidiary Can Fin Homes to 30 per cent as part of strategy to exit non-core business.
Besides, the bank also intends to reduce its stake by 70 per cent in unlisted Canbank Factors Ltd.
At present, Canara Bank holds 43.45 per cent stake in the housing finance company while the remaining 56.55 per cent is with public shareholders.
The Board has permitted the bank to float an Request for Proposal (RFP) for empanelling the investment bankers for diluting the bank's stake of 70 per cent in Canbank Factors Ltd and of 13.45 per cent in Can Fin Homes Ltd, the bank said in a filing on the BSE.
For the quarter ended September 30, Can Fin Homes reported 55.6 per cent rise in net profit at Rs 55.06 crore against that of Rs 35.38 crore in the same quarter of 2015-16.
Total income from operations rose 26.2 per cent to Rs 332.31 crore during July-September of 2016-17 as against Rs 263.38 crore in the year-ago period.
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